Mainstay drops out of Merivale

Press, 12 June 1986, Page 9

Mainstay drops out of Merivale

Mainstay Properties, of Christchurch, has withdrawn from the Merivale project. The company’s interest in the village development has been sold to General Properties Corporation, Ltd, of Auckland. Mr Clive Cousins, a director of Mainstay, said yesterday that the company’s decision to drop out did not reflect on the project. “Simply, Mainstay has the opportunity to get involved in a large Australian project,” he said. The company could have done both, but had chosen the Australian project. “It is a case of when do you make a profit, and of what is suitable for us at this time,” Mr Cousins

said. Mainstay had been going to undertake the project with Commercial Securities, Ltd, also of Auckland. Mr D. J. Davies, managing director of Commercial Securities, announced on the Stock Exchange yesterday that General Properties had bought the Mainstay interest in the company established to complete the Merivale project. General Properties has shareholders’ funds of more than $24 million. Discussions of joint projects between the two Auckland companies have been going on for some months. The Commercial Securities subsidiary, Commercial Pacific Corporation, will manage the project. Amendment Bill (No. 3). The debate was interrupted when the House adjourned for lunch at 1 p.m. The debate continued when the House resumed after lunch at 2 p.m. The bill passed the committee stages without amendment and members then began debating the third reading. The bill was given a third reading. Members then began debate on the second reading of the Wheat Board Amendment Bill. The bill passed the second reading, committee stages and third reading. The House rose for the day at 5.55 p.m.